Investor Presentation - CNP Assurances Corporate Bond Portfolio and SCR Coverage Ratio
Key messages at the transition (01.01.2022)
1 Company's underlying qualities are unchanged
This accounting change does not affect the underlying quality of the company's business model: its solvency,
liquidity, ratings, ability to generate recurring income and strategy are unchanged
2 Two new items on the liabilities side of the balance sheet
Contractual Service Margin (CSM): A "pool of contracts' profit" for around €17bn
3
Risk Adjustment (RA): "provision for uncertainty" for around €1.5bn
Equity is slightly lower for around €1bn (out of €21.1bn)
but remains robust and is expected to be less volatile
4 Earnings will be more volatile
5
due to the market effects
Financial reporting will be tailored
due to adjustments to the formulas for calculating key indicators: ROE, cost/income ratio, combined ratio, etc.
CNP
assurances
Investor Presentation
March 23
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